President-elect Donald Trump announced on Sunday his plans to take executive action on his first day in office to address the situation with TikTok, a popular social media app. Trump stated that he will allow TikTok to continue operating in the US temporarily and proposed the idea of the US government potentially taking partial ownership of the platform.
In a post on Truth Social, Trump assured that he would not allow TikTok to remain offline after he assumes office on Monday. The app had gone dark late Saturday in anticipation of a bipartisan law banning TikTok, which was passed last year and recently upheld by the Supreme Court, leading to its expected enforcement on Sunday.
Trump outlined his plan to issue an executive order on Monday to extend the timeframe before the law's restrictions come into effect. This extension aims to facilitate negotiations to safeguard national security concerns related to TikTok. Additionally, the order will provide immunity to any company that assisted in preventing TikTok from shutting down prior to the executive order.
The President-elect suggested the possibility of the US acquiring a 50% ownership stake in TikTok through a joint venture arrangement. This proposal could involve collaboration with ByteDance, the current parent company of TikTok, or with new owners established through a partnership between the US government and selected purchasers.
Trump emphasized that by pursuing this course of action, TikTok could be preserved under responsible management, ensuring its continued operation. He highlighted the significance of US approval in determining the value of TikTok, estimating its worth to be in the range of hundreds of billions to potentially trillions of dollars with the endorsement of the US government.
